Virginia Principles of Real Estate is a 60 hr course required by the Virginia Real Estate Board for anyone who wishes to become a licensed real estate person in Virginia. Our real estate courses provide a comprehensive overview of real estate principlesand covers these subjects:

1. Contracts, Purchase and Sale Agreements

2. Closing and Settlement Costs

3. Real Estate as a Career

4. Real Property Ownership and Land Use

5. Code of Ethics in Real Estate Practice

6. Fair Housing

7. Agency

8. Environmental Hazards

9. Deeds

10.Virginia License Law

11.Titles and Records

12.Liens, Taxes and Foreclosures

13.Listing Agreements

14.Real Estate Appraisal

15.Real Estate Finance

16.Real Estate Math

Sample Real Estate Training Course Descriptions

Virginia Broker Management

This course will provide the learner with a guide to what it takes to run a successful real estate firm. Opening a real estate business is not a decision that should be taken lightly. A real estate salesperson understands the real estate market, how to list and sell, and how to take care of customers and clients. These skills will be invaluable in running one’s own company. There will be many problems that will arise that require knowledge of the workings of the real estate market. This knowledge of the real estate market alone will not be enough to be successful in running a real estate company. Additional skills are required for and in preparation of opening day. This course will show the learner how to prepare for that day. To aid the learner toward this end, this module includes the following lessons:

Leadership Qualities

Strategic Planning

Creation of the Real Estate Company

Monitoring Operations

Expansion Options and Cashing In

Learning Objectives

Describe the difference between the duties of a manager and a leader

Explain three character traits of a leader

List four qualities of a leader

Discuss three elements of effective communication

Give three examples of an aggressive communication style

Determine the four types of behavior leading to “Self-Talk”

Establish the difference between “I-Language” and “You-Language”

Explore examples of three types of listening skills

Distinguish the difference between GDP and CPI

Explain the importance of demographics in planning

Calculate the amount of market share for one’s company

Discuss the importance of having a business plan

Explain the mission statement’s purpose

Describe who would be involved in the values examination step of planning

List the three business entity options available to a start-up real estate company

Discuss the elements that are critical in the office selection process

Describe the location preference for a residential office versus a commercial office

Identify the necessary personnel required for most real estate offices

Explain three advantages of buying an existing real estate office

Describe the purpose of a policy manual

Distinguish the difference between a General Journal and a General Ledger

List four types of payments that must be deposited in an escrow account

Determine the time period allowed by law that a broker has to deposit an earnest money deposit check

Discover how long a broker must maintain his or her financial records

Recall the four types of representation that a broker can offer

Identify the steps involved in residential marketing

Describe how quality control relates to real estate

Distinguish the difference between access time and queuing time

List two examples of initial considerations in designing a quality control program in a real estate firm

Identify four names that are significant to quality control

State the four operations to which the quality management system could apply

Recall the four steps in a decision table

List five reasons that a real estate company may want to expand

Describe how buying a franchise gives a company name recognition

Recall three factors that would be considered adequate supervision by a supervising broker

Identify two advantages of buying a franchise

State two reasons to remain an independent broker

Analyze the difference between starting a company from scratch versus merging with another company

Name three specific reasons to sell a company

Assessments

1 Pre-quizzes – 0%

Lesson quizzes (6) –70%

Final exam (1) – 70%

Approved Course Number(s):

59146

Mortgage CE (in Real Estate Training)

Fundamentals of Mortgage Lending

This course provides an introduction to the basics of mortgage lending, from qualifying the borrower and qualifying the property in the underwriting process, to the various types of financing available, to closing the sale. The course begins with a discussion of the forces that control the market: supply, demand and the government. The student will learn the varied methods of real estate finance. Lenders run risks in making real estate loans; for this reason, they must have a firm grasp of a borrower’s financial qualifications. They consider a borrower’s income, credit, debt, source of funds and net worth. However, no analysis, no matter how thorough, of a borrower’s creditworthiness can be enough to make a loan free of risk. The second lesson introduces the different legislation related to real estate mortgage of which the student must have a fair knowledge. The third lesson describes the mortgage market and the way it is divided into primary and secondary lenders.

The student will learn how title, the abstract ownership rights to the property, is transferred to the buyer with a deed. The earnest money contract will also be discussed: terms of the contract, contingencies and earnest money deposits. In lesson five, the focus turns to closing. The student will learn the customary costs involved in a real estate transaction, how certain items are prorated between the buyer and the seller and the requirements set forth by the Real Estate Settlement and Procedures Act (RESPA).

Lesson six discusses foreclosure. It considers what happens when a borrower is in default of the mortgage contract and how lenders may help borrowers prevent foreclosure through forbearance, moratoriums and recasting. Also discussed is how, when these techniques fail, the property is foreclosed and sold at auction and how the creditors are repaid.

The module continues with the types of mortgages available. The seventh and eighth lesson discuss the elements of conventional loans—conforming and nonconforming—adjustable rate, graduated payment, growth equity and reverse annuity mortgages, to name a few. The advantages and disadvantages of each type of financing are emphasized so that the student may better understand the decision-making process inherent in real estate finance.

Two specific types of financing, FHA-insured and VA-guaranteed loans are reserved for separate lessons. FHA loans are insured by the government and perceived as less risky by lenders. They are available to all natural and naturalized U. S. citizens, but they carry a monthly insurance premium that cannot be canceled. VA loans are guaranteed in part by the government, but are only available to veterans, active servicemen and certain national guardspersons and special reservists.

At the end of each lesson, the student will be asked to complete a quiz that tests the information covered in that lesson in order to move on to the next lesson. The course ends with a real world practice lesson that brings together the concepts and material discussed throughout the entire course.